NBT announces record earnings in 2008

NORWICH – NBT Bancorp Inc. has reported net income for the year ended Dec. 31, 2008 of $58.4 million, up 15.9 percent or $8.1 million from 2007. This corresponds to a record diluted earnings per share of $1.80 for the year, compared to $1.51 per share for 2007.

“Although 2008 presented many challenges for the financial services industry and the economy in general, I am extremely pleased with the record earnings we achieved in this difficult environment,” said NBT President and CEO Martin Dietrich.

Net income for the three months ending Dec. 31 was $14.9 million, up 65.8 percent from the same quarter in 2007.